Fly News Breaks for October 16, 2019
Oct 16, 2019 | 09:21 EDT
Ladenburg Thalmann analyst Matthew Kaplan raised his price target for Reata Pharmaceuticals to $239 from $133 after the company announced positive topline data from Part 2 of the MOXIe registrational trial of omaveloxolone in patients with Friedreich's ataxia. Importantly, omaveloxolone treatment not only halted the progression of the disease but actually showed improvement in the largest Friedreich's trial to date, Kaplan tells investors in a research note. He believes the data are sufficient as a registrational study for approval of omaveloxolone in Friedreich's Ataxia. The analyst reiterates a Buy rating on Reata Pharmaceuticals and says his new price target reflects to the increased probability of approval of omaveloxolone in Friedreich's ataxia.
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